Princeton University to cover all college costs for students from families earning less than $100K

Princeton University announced a major expansion of its financial aid policy for students from families earning less than $100,000 a year, meaning they will pay nothing for tuition, room and board.

In addition, many students from families with incomes over $100,000 will also receive additional financial aid, including families with higher income levels who have many children in college. The university noted that most of the additional scholarship funding would benefit families with an income of less than $150,000.

Byers Hall at Princeton University. (via Loop Images / Universal Image Group Getty Images / Getty Images)

“One of Princeton’s defining values ​​is our commitment to ensuring that talented students from all backgrounds can not only afford a Princeton education, but can thrive on our campus and the world outside it,” President Christopher L. Eisgruber said in a press release Thursday. “These improvements to our aid package, made possible by the continued generosity of our alumni and friends, will increase the choice and influence students experience during their time at Princeton and after they graduate.”

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The new financial aid policies will be in effect for all graduate students starting in the fall of 2023.

The university estimates that approximately 25% of undergraduate or 1,500 students are expected to receive aid that will cover the full cost of tuition, room and board. The university’s website claims that 83% of its recent seniors have graduated debt-free.

Princeton University

Princeton University, Princeton, NJ. (Getty Images / Getty Images)

Princeton lists the cost of attendance for the 2022-23 academic year at $79,540, which includes:

  • Tuition: $57,410.
  • room, $10,960.
  • Board: $7,670.
  • Estimated miscellaneous expenses: $3,500.

Under the newly expanded program, Princeton will increase annual miscellaneous spending from $3,500 to $4,050. The expanded allowance, the university said, would “give more flexibility to the student to cover course books and other miscellaneous expenses.” Additionally, Princeton will make it possible for students with the highest financial need to bring two guests to campus for the first year move-in and the start of the senior year.

Princeton also said that 62% of its graduate students currently receive financial aid, with the average aid package totaling $62,200.

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Ivy League

Ivy League Architecture, Princeton University. (Jon Graeme/LightRocket via Getty Images/Getty Images)

The University of New Jersey Ivy League broke down the expected cost per year for families paired with their income.

This shows that households earn $75,000 and $100,000 with a total cost of $0 and families earn $150,000 with a cost of $12,500. The chart goes up to families that make $300,000 a year, and the expected total tuition cost is $50,000—still far less than the current cost of attendance without any financial aid.

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“President Eisgruber continues to emphasize Princeton’s commitment to the brightest students in the country and around the world,” said Karen Richardson, Dean of Admissions and Financial Aid. “Changes to our already liberal financial aid policies will be an important part of the work that the Admissions Office does to recruit students from diverse socioeconomic backgrounds, showing that Princeton education is an affordable education.”

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